Uday Dave

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Wednesday, 8 October 2014

Nifty again today opened full gap down and moved up straight immediately. Expected today as a range bound day as yesterday was a big down day. As expected it traded in a roughly 40-point range.
1) BOF of LOL BRN and Range High. Entered below PDC. It moved to the range low and bounced. Covered at 13 points of profit.
2) BOF of Range Low / LOD. It moved as expected. Covered when it came back into the range. Profit of 24 points.

There were two levels on my chart, one BRN and second Range High. For BPB entry, when there are two or more levels close together I feel it is better to wait till they get broken convincingly because most of time these levels act as strong S/R and there are good BOF opportunities there. Further I was expecting it to remain in the range and act that level as range extreme. So waited for some time and not jumped immediately into it.

Good to see that you not hesitated and took BOF of LOD and you also got rewarded.

About me and this blog in brief

My name is Uday Dave. I am a full-time day trader, blogger and day trading educator. I mainly day trade Nifty, Bank Nifty, stocks and stock options and in the evening if I get time I trade MCX Crude Oil, Nickel and Silver using a 3-minute candlestick chart with Decision Point Trading System and price action trading methods. My only aim is to capture small moves, i.e. 20 to 25 points in Nifty and around 50 points in Bank Nifty daily.
I started this blog in year 2012 to record my trades, observations, experiences and to share them with other aspiring traders. I hope with all your support I will be able to continue to maintain this blog and improve further.